News Billionaires Betting on Bitcoin: Rockefellers, Soros Send Prices Soaring

Billionaires Betting on Bitcoin: Rockefellers, Soros Send Prices Soaring

-

- Advertisment -Billionaires Betting on Bitcoin: Rockefellers, Soros Send Prices Soaring

Billionaires Betting on Bitcoin: Rockefellers, Soros Send Prices Soaring

After a precipitous fall from record highs in December amid valuation debates and threats of regulation, digital coins are showing signs of a strong rebound.

Major cryptocurrencies were trading in the green Sunday morning on reports of two traditional Wall Street companies entering the digital currencies market.

Bitcoin, the largest cryptocurrency by market capitalization, was trading up 2.1 percent at $7,047 a coin, while Ethereum cleared the $400 mark gaining 3.5 percent, Business Insider reported.

The rally followed reports that two Wall Street giants, an investment fund founded by billionaire George Soros and Venrock, — a venture capital firm founded by the descendants of famed billionaire John D. Rockefeller — were all set to dive headlong into cryptocurrency trading.

On April 6, Soros Fund Management said that it had gained approval to invest in and trade cryptocurrencies even though Soros himself had previously described them as a “bubble.”

In an almost parallel move, Venrock announced that it was partnering with a New York-based cryptocurrency investment firm CoinFund.

Anthony Pompliano, a managing partner at crypto-focused VC firm Full Tilt, told Business Insider that these reports are “encouraging” for the nascent bitcoin market.

“It is encouraging to see institutions with the historical track record of Soros and Rockefeller beginning to gain exposure to blockchain and cryptocurrencies,” he said.

“I anticipate more and more institutional capital will begin to pour in, hopefully leading to a more mature and sophisticated market,” he added.

Cryptocurrencies were losing ground last week on reports of tech giants mulling a crackdown on cryptocurrency ads and regulatory uncertainty in Asia and the US.

Bitcoin slid down to $5,900 in February from almost $20,000 in December 2017.

READ MORE: Bank of England Calls for Regulation of Bitcoin and Other Cryptocurrencies

Ethereum was trading at just $800 from a record $1,300 in mid-January and kept falling.

XRP (Ripple), which soared to a historic maximum of almost $4 a coin in January, slumped to $1 later that month and hit the depths of just $0.49 in April.



Source link

Billionaires Betting on Bitcoin: Rockefellers, Soros Send Prices Soaring
Sputnik Newshttps://sputniknews.com
Sputnik is a global wire, radio and digital news service. They exist to tell the stories that aren’t being told.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Reasons To Prefer Slot Games Even When You Are Losing

Oh what a wonderful world the slot machine industry is, full of technological evolution and the all-important...

Advice for Responsible Slot Gambling From an ex Addict

Thanks to a combination of improved gameplay and their availability on remote devices, the slots you can...

When You Should Stop Playing Bingo

Since its inception in the late 1800s, Bingo has enjoyed a remarkable rise to popularity, being a...

Why Bitcoin Will Succeed?

If Bitcoin will succeed or not is an interesting question. For the time being, Bitcoin holds a...
- Advertisement -Billionaires Betting on Bitcoin: Rockefellers, Soros Send Prices SoaringBillionaires Betting on Bitcoin: Rockefellers, Soros Send Prices Soaring

Elon Musk Tweets That “Bitcoin” Is Not His Safe Word

By now, you probably know that Elon Musk appears to have knocked up his girlfriend, Grimes. And just when you...

Bitcoin Can Gain 100% In 2020 – Halving Not Priced In, Says Fundstrat

Authored by William Suberg via CoinTelegraph.com, Bitcoin can deliver 100% returns to investors in 2020 and may rise significantly in...

Must read

Reasons To Prefer Slot Games Even When You Are Losing

Oh what a wonderful world the slot...

Advice for Responsible Slot Gambling From an ex Addict

Thanks to a combination of improved gameplay...
- Advertisement -Billionaires Betting on Bitcoin: Rockefellers, Soros Send Prices SoaringBillionaires Betting on Bitcoin: Rockefellers, Soros Send Prices Soaring

You might also likeRELATED
Recommended to you